Qualcomm’s 23% one-day stock surge is a rarity for the market

Qualcomm’s 23% one-day stock surge is a rarity for the market

Apple and Qualcomm finally made peace, settling all their patent disputes after two years of bitter legal battles. The news came Tuesday around 3 p.m. ET, sending Qualcomm’s stock skyrocketing instantly. The shares finished the day more than 23% higher and gained another 10% on Wednesday.

A sudden move that dramatic is one for the Wall Street history books. CNBC parsed through the FactSet database and located all the stocks with one-day surges of more than 20% in the past two years. The tally came to 18.

Stocks with one-day moves of more than 20%

Date

Company

Stock gains

Driver

Thursday, May 25, 2017

Best Buy

21.48%

earnings

Wednesday, July 12, 2017

NRG Energy

29.39%

divestment announcement

Wednesday, July 19, 2017

Vertex Pharmaceutical

20.83%

successful trials

Tuesday, August 08, 2017

Capri Holdings

21.54%

earnings

Monday, November 13, 2017

Mattel

20.66%

Hasbro bid

Friday, November 17, 2017

Foot Locker

28.16%

earnings beat

Friday, March 02, 2018

Nektar Therapeutics

21.67%

earnings

Thursday, April 26, 2018

Chipotle Mexican Grill

24.44%

earnings

Wednesday, May 09, 2018

TripAdvisor

22.80%

earnings

Wednesday, May 23, 2018

Tiffany

23.29%

earnings

Friday, May 25, 2018

Foot Locker

20.16%

earnings

Monday, October 29, 2018

Red Hat

45.38%

IBM acquisition

Tuesday, October 30, 2018

Under Armour

27.71%

earnings

Thursday, January 03, 2019

Celgene

20.69%

Bristol-Myers Squibb acquisition

Thursday, February 07, 2019

Hanesbrands

20.17%

earnings

Friday, February 08, 2019

Mattel

23.22%

earnings

Friday, February 08, 2019

Coty

32.15%

earnings

Friday, April 12, 2019

Anadarko Petroleum Corp

32.01%

Chevron deal

However, four of the jumps were driven by mergers and acquisitions announcements and the majority of the surges came after blowout earnings results.

On May 25, 2017, shares of Best Buy rallied more than 21% after the company posted unexpected sales growth in same-store locations. The jump in sales was attributed to an unexpected surge of shoppers spending their tax refunds on electronics in the first quarter of 2017.

Biotech company Vertex Pharmaceuticals jumped more than 21% on July 19, 2017, after the drugmaker reported an improved response in patients suffering from cystic fibrosis. Vertex said its three-drug cocktails boosted a measure of lung function in patients with cystic fibrosis by 9.6 percentage points or more, which crushed Wall Street expectations for the drug combination.

Power producer NRG Energy on July 12, 2017, announced a transformation plan to raise $2.5 billion to $4 billion by divesting 50% to 100% of its renewable energy business, aiming to remove $13 billion in debt from its balance sheet. The news sent the company stock soaring a whopping 29% that day.

On Oct. 30, 2018, Under Armour shares rallied nearly 28% after it reported blowout quarterly earnings due to a spike in sales overseas. The athletic apparel company had been undergoing changes to trim excess inventory and cut costs amid fierce competition in the space. The strong results came as a relief that Under Armour’s turnaround efforts were paying off after years of patchy sales.

alex@kingteeshops.com

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There are hundreds of clothing and fashion labels and individuals producing tens thousands of new T-shirt for the world every day. Sometimes you just want an inspiration to find unique, non-mainstream T-shirts to add to your collection.

There are hundreds of clothing and fashion labels and individuals producing tens thousands of new T-shirt for the world every day. Sometimes you just want an inspiration to find unique, non-mainstream T-shirts to add to your collection.